Staying within the guard rails
The USDJPY is trading within the guard rails defined by an lower and upper channel trend lines. THe lower trend line was broken on Thursday of last week, but bottomed and got close to the topside trend line on Friday. Today, the original lower trend line was tested and held. The low also moved below last weeks low by 3 or so pips, only to bounce back (the low came in at 107.616 vs 107.655 low from last week). The subsequent buying has taken the price back to the topside trend line (currently at 108.374). The high just extended to 108.43, but moved back lower.